Project Management

Project management is the governing methodology for planning, organizing, directing, monitoring, and controlling company resources to achieve specific organization initiatives.

CSF: 6.2.1.1 Project Management Methodology

Adoption and application of project management standards, including change management and governance, are key indicators of a servicer’s ability to consistently and accurately implement new Fannie Mae programs. Although Fannie Mae does not endorse any specific project management standards, it expects servicers to have established project management practices and to actively promote and apply such practices throughout the organization.

 

Project Management: Standardized Practices: Project Management Methodology

Assessment Area Evidence Policies, Procedures, and Evidence describing project management standards, including: Project charter detailing project team structure, organizational impact analysis, and key project control risks Project planning, design, execution, and testing Communication and escalation requirements Milestone reviews and approvals

Evaluations and Recommendations

STAR Program evaluation of project management consists of the following:

• Quality documentation of project management methodology.
• Documentation of established control measures to ensure the methodology is applied consistently across all Fannie Mae-related projects.
• Review for adequacy of industry standard applications used for tracking progress, identifying risks, and integration with other projects or processes.
• Templates and tools are widely available to promote adoption of the methodology across all departments.

STAR Program evaluation of project change control and governance consists of the following:

• Change management and governance protocols are established for all projects.
• Policies and procedures for project management are comprehensive, well documented and communicated effectively for planning, executing, and managing project change.
• Appropriate levels of authority for key stakeholders are current and up to date for project oversight.

Project management staffing and training:

• Qualified personnel are assigned the responsibility of tracking the status of all Fannie Mae projects. The status should be updated at least monthly.
• Training toward certifications in widely practiced methodologies is encouraged.

STAR Program recommendations may consist of the following:

• Improvements to project management methodologies, policies, procedures, process flows, and governance documentation.
• Best practices that could be implemented to improve overall project performance.
• Tools and applications that could enhance tracking, reporting, and oversight.

CSF: 6.2.1.2 Project Management Tools

Formal project management documentation provides a basis for establishing communication, project scope, risk analysis, resource allocation, and tracking mechanisms for adaptability to change.

Project catalogs/inventories increased visibility into current projects and allow management to quickly assess current use of resources across all business projects.

Project documents should describe project charter, type, business objectives, plan, resources, key stakeholders and sponsors, key risks, deliverables, and status updates. Documents should contain project dates, versioning control, and appropriate approvals, and must be well communicated to all parties relevant to the project.

 

Project Management: Standardized Practices: Project Management Tools

Assessment Area Evidence Project management team structure Project templates and workflows Change control and governance Project catalog / inventory Reports and charts with project milestones

Evaluations and Recommendations

Project catalogs/inventories should include:

• Process area the project is addressing (e.g., Customer Service, Investor Relationship Management, Foreclosure Referral, Loss Mitigation Solution Delivery).
• Primary business area in which the project is chartered.
• Primary business needs driving the project (e.g., Technology, Compliance, Campaigns).
• Specific Fannie Mae goal the project is addressing.
• Importance of the project relative to other initiatives (priority).
• Types of risk that could jeopardize the successful outcome of the project (e.g., Complexity, Resource, Cost).
• Project start date and scheduled end date.
• Current status of project.
• Dedicated project manager and project sponsor.

Project documentation is comprehensive and describes at a minimum:

• Scope – involves determining and documenting a list of specific project goals, deliverables, tasks, costs, and deadlines.
• Project plan – formal document designed to guide the control and execution of a project.
• Roles and responsibilities – For project execution, the document clearly identifies project participants and stakeholders. It also outlines individual responsibilities regarding deliverables and timeframes.
• Communication Plan – Clear communication strategies are adopted, and stakeholders are informed on a regular basis through the use of formal group and individual meetings, emails, and other communication media.
• Current documentation – Project documents are updated frequently.
•  Accessibility of project documentation by associates – Project documents are available in an easily accessible location by project associates and their supervisors.
• Change Control – Changes for specific projects are well documented and appropriate signoffs are obtained.
• Versioning control – Ensures project documents are actively managed.
• Qualified individual(s) – Those assigned to maintain a list of all Fannie Mae projects and statuses are well trained and qualified.